GST Council meeting held on March 10, 2018 – Major Decisions
March 13, 2018
Members of the Council
Sub : GST Council meeting held on March 10, 2018 – Major Decisions
As per Press Releases issued by the Government (copies enclosed), the following are the major decisions taken in the GST Council meeting held on March 10, 2018 in New Delhi
a) Available GST exemptions on imported goods will be valid for further six months beyond 31.3.2018 i.e. upto 1.10.2018.
A decision was made in 22nd GST Council meeting held on Oct. 6, 2017 that Immediate relief is being given by extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG and EOUs would not have to pay IGST, Cess etc. on imports. Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports under Section 147 of CGST/SGST Act and refund of tax paid on such supplies given to the supplier.
The Director General of Foreign Trade (DGFT) issued Notification No. 33 dated 13.10.2017 extending exemption from IGST, Cess, etc. on import under Advance Authorization, EPCG and 100% EOU Schemes. Indigenous sourcing against these Scheme will be eligible for deemed export benefit under Para 7.03 of FTP.
b) Implementation of e-wallet scheme deferred upto 1.10.2018. Under e-wallet scheme, electronic e-wallets would be credited with notional or virtual currency by DGFT which would be used by exporters to pay GST/IGST. Thus, exporters need not use their money for GST payment under this scheme.
c) Existing return filing system of GSTR 3B (summary monthly return) and GSTR 1 (monthly return for outward supplies) is extended for another three months from April to June 2018, till a new return system is developed.
d) Liability to pay GST under reverse charge mechanism deferred till June 30, 2018.
e) E-way bill system to be implemented from April 1, 2018 for inter-state movement of goods (wherein value of consignment exceeds Rs.50,000/-). For intra-state movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but not later than 1st June 2018.
Members may kindly note the above.
Thanks and regards
R. Ramesh Kumar